CANADA STOCKS-TSX to follow global markets higher, G20 eyed

4 Min Read

TORONTO, April 2 (Reuters) - Toronto’s main stock market index could open higher on Thursday, following the lead of the global markets, as investors cheer initiatives taken by the G20 leaders to fight the economic crisis. [nL2940529]

The influential energy sector was also seen boosting the market as the price for U.S. crude oil was up almost 6 percent in reaction to the summit meeting. [nUSN000019]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose for a second straight session on Wednesday, up 2.5 percent, to end at 8,941.82 boosted by a rally in the heavily weighted financial issues, as U.S. data spurred expectations for an increase in financial activity.

Here is some news that could affect the market:

BOMBARDIER REPORTS HIGHER Q4 PROFIT; TO CUT 10 PCT JOBS

Bombardier Inc (BBDb.TO) reported a 42 percent rise in quarterly profit, and said it would cut about 3,000 jobs as it was downsizing its business and regional jets production rates. [nN31440969]

GOLD EASES AS STOCKS FIRM; TRADERS EYE G20, ECB

Gold dipped on Thursday as a recovery in equities diverted interest from the precious metal, with traders awaiting fresh direction from the G20 leaders’ summit in London. [nL2201177]

US SENATOR, LUMBER GROUP URGE TAX ON CANADA LUMBER

The U.S. government should impose a new tax on certain Canadian lumber imports, a senior lawmaker and a U.S. trade group said on Wednesday, rejecting Ottawa’s offer to make amends for breaching the softwood lumber deal. [nN01492811]

SUNCOR CEO SAYS OIL SANDS PROFITABLE AT $50 CRUDE

Existing oil sands operations generate double-digit returns with oil around $50 a barrel and costs of new projects have started to fall in the industry downturn, the chief executive of Suncor Energy Inc (SU.TO), Canada’s No. 2 oil sands producer, said on Wednesday. [nN01336044]

CANADA SAYS WORLD FINANCIAL SYSTEM IMPROVING

Co-ordinated global action has helped eliminate panic in financial markets, Canadian Prime Minister Stephen Harper said on Wednesday, but he cautioned that the world has not yet turned the corner on the economic crisis. [nN01517701]

BANK OF CANADA SOFTENS TONE ON FURTHER STIMULUS

The Bank of Canada signaled on Wednesday there is no guarantee it will cut rates further or use unconventional policies to combat the recession, despite an economy that it said may be shrinking at the fastest pace in at least half a century. [nN01263139]

CANADA MONTHLY AUTO SALES FALL TO LOWEST SINCE ‘97

Canadian auto sales tumbled 15 percent in March to their worst level in more than a decade as the global recession convinced consumers to keep a tight grip on their wallets, industry figures showed on Wednesday. [nN01501497]

AbitibiBowater terminates exchange offer

Newsprint maker AbitibiBowater Inc ABH.N ABH.TO said on Wednesday it is evaluating new restructuring alternatives after the debt exchange offer for its Bowater subsidiary failed to get sufficient support from lenders. [nN01471741] ($1=$1.25 Canadian) (Reporting by Scott Anderson; Editing by Theodore d’Afflisio)